MELVILLE, N.Y., Jun 15, 2001 (BUSINESS WIRE) -- Reckson Associates Realty Corp.
(NYSE: RA) one of the largest publicly traded owners, managers and developers of
office and industrial properties in the New York Tri-State area, announced today
that its Board of Directors has declared quarterly cash dividends on the
Company's Class B common stock, its Series A preferred stock and its Series B
preferred stock.

Reckson has announced today that the Company is increasing (subject to adjustment as described herein) its Class B common stock (NYSE: RA.B) quarterly dividend by 8.2% to $.6492, representing an annualized dividend rate of $2.5968 per share. This is an increase of $.1968 per share over the current annualized dividend rate of $2.40 per share. Reckson's Board of Directors has declared a quarterly cash dividend on the Company's Class B common stock of $.6492 per share payable on July 31, 2001 to its stockholders of record as of July 13, 2001. The increase in the cash dividend for the Class B common stock is based upon a formula which incorporates an estimate of the Company's Funds From Operations ("FFO") for the quarter ended June 30, 2001. Future quarterly payments maybe adjusted to reflect actual FFO for the period. For the quarterly payment on July 31, 2001, if actual FFO is determined to be greater than as estimated, the Company will re-calculate the formula and pay any additional amount required to the Company's stockholders of record as of July 13, 2001.

The Board has also declared a quarterly cash dividend on the Company's Series A preferred stock in the amount of $.4766 per share payable on July 31, 2001 to its stockholders of record as of July 13, 2001.

The Board has also declared a quarterly cash dividend on the Company's Series B preferred stock in the amount of $.553125 per share payable on July 31, 2001 to its stockholders of record as of July 13, 2001.

Reckson Associates Realty Corp. is a self-administered and self-managed real estate investment trust (REIT) specializing in the acquisition, leasing, financing, management, and development of office and industrial properties.

Reckson's core growth strategy is focused on the markets surrounding and including New York City. The Company is one of the largest publicly traded owners, managers and developers of Class A office and industrial properties in the New York Tri-State area, with 188 properties comprised of approximately 21.3 million square feet either owned and controlled, directly or indirectly, or under contract. For additional information on Reckson Associates Realty Corp. please visit the Company's web site at www.reckson.com.

This information contains forward-looking information that is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties in the New York Tri-State area; interest rate levels; downturns in rental rate levels in the company's markets; the availability of financing; repayment of debt owed the Company; risks associated with joint ventures; and other risks associated with the development and acquisition of properties, including risks that development may not be completed on schedule, that the tenants will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated. For further information on factors that could impact Reckson, reference is made to Reckson's filings with the Securities and Exchange Commission. Reckson is subject to the reporting requirements of the Securities and Exchange Commission and undertakes no responsibility to update information contained in this press release.

CONTACT:

Reckson Associates Realty Corp., Melville
Scott Rechler
Michael Maturo
631/694-6900 (Phone)
631/622-6790 (Facsimile)